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Democracy and Reforms: Evidence from a New Dataset

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  • Paola Giuliano
  • Prachi Mishra
  • Antonio Spilimbergo

Abstract

Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and periods. This paper studies the effect of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product markets, agriculture, and trade for 150 countries over the period 1960–2004. Democracy has a positive and significant impact on the adoption of economic reforms but there is scarce evidence that economic reforms foster democracy. Our results are robust to the inclusion of a large variety of controls and estimation strategies.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18117.

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Date of creation: Jun 2012
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Publication status: published as Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2013. "Democracy and Reforms: Evidence from a New Dataset," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 179-204, October.
Handle: RePEc:nbr:nberwo:18117

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  1. repec:cup:cbooks:9780521855266 is not listed on IDEAS
  2. Jan Fidrmuc, 2001. "Economic Reform, Democracy and Growth During Post-Communist Transition," William Davidson Institute Working Papers Series 372, William Davidson Institute at the University of Michigan.
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  9. Milner, Helen V. & Kubota, Keiko, 2005. "Why the Move to Free Trade? Democracy and Trade Policy in the Developing Countries," International Organization, Cambridge University Press, vol. 59(01), pages 107-143, January.
  10. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
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  13. Alessandro Olper & Jan Falkowski & Johan Swinnen, 2009. "Political Reforms and Public Policies: Evidence from Agricultural Protection," LICOS Discussion Papers 25109, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  14. Xavier Sala-i-Martin, 2006. "The World Distribution of Income: Falling Poverty and ... Convergence, Period," The Quarterly Journal of Economics, MIT Press, vol. 121(2), pages 351-397, May.
  15. Seiford, Lawrence M. & Thrall, Robert M., 1990. "Recent developments in DEA : The mathematical programming approach to frontier analysis," Journal of Econometrics, Elsevier, vol. 46(1-2), pages 7-38.
  16. Allan Drazen & William Easterly, 2001. "Do Crises Induce Reform? Simple Empirical Tests of Conventional Wisdom," Economics and Politics, Wiley Blackwell, vol. 13(2), pages 129-157, 07.
  17. Abdul Abiad & Ashoka Mody, 2005. "Financial Reform: What Shakes It? What Shapes It?," American Economic Review, American Economic Association, vol. 95(1), pages 66-88, March.
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Cited by:
  1. Braga de Macedo, Jorge & Oliveira Martins, Joaquim & Rocha, Bruno, 2014. "Are complementary reforms a “luxury” for developing countries?," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 417-435.
  2. Serhan Cevik & Mohammad Rahmati, 2013. "Breaking the Curse of Sisyphus," IMF Working Papers 13/2, International Monetary Fund.
  3. Christopher Adam & Peter Montiel, 2012. "Financial Architecture and the Monetary Transmission Mechanism in Tanzania," Economics Series Working Papers WPS/2012-03, University of Oxford, Department of Economics.
  4. Cagatay Bircan & David Hauner & Alessandro Prati, 2012. "The interest group theory of financial development: evidence from regulation," Working Papers 150, European Bank for Reconstruction and Development, Office of the Chief Economist.
  5. Baskaran, Thushyanthan, 2013. "Taxation and democratization," Center for European, Governance and Economic Development Research Discussion Papers 164, University of Goettingen, Department of Economics.
  6. Hugo J. Faria & Hugo M. Montesinos-Yufa & Daniel R. Morales, 2014. "Should the Modernization Hypothesis Survive Acemoglu, Johnson, Robinson, and Yared? Some More Evidence," Econ Journal Watch, Econ Journal Watch, vol. 11(1), pages 17-36, January.

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